Ethos, a young company that claims to process life insurance in a few minutes, raised $ 35 Million in fundraising led by Accel and supported by Google’s venture capital department.
The most recent investment raises the San Francisco-based company’s total financing to more than $ 46 million, and CNBC understands that the company is now valued at more than $ 100 Million.
The deal, which marks Ethos’s second major round of investment, partner Acate Nate Niparko, sees joining the board of directors of the company, while the general partner of Google Ventures, Tyson Clark, the consultant will occur of the board.
Existing investors Sequoia Capital and Arrive, the venture capital fund of American entertainment company rapper Jay Z, also attended the round of financing.
“The insurance industry is a $1 Trillion industry that is still highly dependent on the pen, paper, fearless vendors, medical consultations and traditional systems. So we deem there is a wonderful opportunity to make simpler the technology process, and that is exactly what Ethos has developed, “Accel Group’s Niparko told through e-mail.
He highlighted other bets made by the company on technology at an early stage, such as technological change, which deploys artificial intelligence to sense counterfeit insurance claims, and The Zebra, a technology-based market for car insurance.
“Ethos is the first participant, we believe, in the life insurance industry who is truly ready to make a transformation of how Americans buy and use their insurance,” added Niparko.
Ethos, which uses data analysis to predict the life expectancy of a person, claims to be able to reduce the normal 10 week life insurance period to just 10 minutes and that insurance claims are settled in the coming weeks. It also says that more than 99% of its clients do not need medical research or blood tests to buy a policy.